Cornish Metals has successfully closed an oversubscribed US$210m bond placement, securing the funding it needs to push ahead with construction of its South Crofty tin project in Cornwall.
The company has previously secured a cornerstone investment from the UK’s National Wealth Fund, underscoring the calibre of the South Crofty operation.
The round announced today was six-year senior secured bonds carrying a 13.5% coupon paid quarterly, with an issue price of 98% and maturity at 103.5% of nominal.
Helpfully for cash flow during build, there are no principal repayments for the first 48 months, after which quarterly amortisation of 5% kicks in alongside a 60% bullet at maturity.
The level of demand was strong, further demonstrating the quality of Cornish Metal’s asset. The placement was significantly oversubscribed, drawing in international institutional money and natural resource specialists across Europe, North America and beyond.
The funding clears the runway to advance South Crofty toward production and re-establish UK tin supply at scale.
Don Turvey, CEO of Cornish Metals, said: “We are very pleased to have successfully completed this US$210 million bond fundraising, securing the debt portion for the South Crofty project financing. We are delighted to welcome our new bondholders to the Cornish Metals story, and we are grateful for the continued support of our existing shareholders.”
“Project financing is progressing well and we expect to be fully funded and to announce the final investment decision for the South Crofty tin project this summer. With strong stakeholder support, robust economics and clear development momentum, we are well positioned to advance South Crofty towards production in mid-2028 and to deliver a secure domestic supply of tin for the western world.”
Cornish Metals aims to have the South Crofty mine back in action by mid 2028 and has plans to expand the resource with a drill program that could significantly increase the mine life.